Paying The Foreclosure Lawyer With A Second Mortgage

Ever the hotbed of innovation, a new innovation in foreclosure defense is emerging in Florida. Until now, the big question for foreclosure lawyers is “how do we get paid?” If their client can’t afford to pay the bank, how are they going to pay for legal services? One firm has figured out a way. After the original mortgage is nullified or reduced, the client takes out a new mortgage for 40% of the savings, and pays it to the lawyer.

Taking On a Second Mortgage to Pay the Foreclosure Lawyer [NYT]